HP adopted a poison pill on Thursday in response to a hostile $35 billion approach by rival Xerox. While an aggressive takeover calls for a robust response, the timing doesn’t do the company any favors, writes johnsfoley:
HP said on Feb. 20 it had adopted a “shareholder rights plan” that would dilute any investor who amasses a 20% stake in the printer maker, in response to a takeover approach from rival Xerox.
The plan, also known as a poison pill, would let shareholders other than the stake-builder buy shares at half the market price, if triggered. Activist shareholder Carl Icahn owns 11% of Xerox and 4% of HP, according to Refinitiv. Xerox plans to launch a tender offer on Mar. 2 for HP at $24 per share, consisting of $18.40 in cash and 0.149 of a Xerox share. HP shares closed at $22.64 on Feb. 20.
HP is set to release its quarterly earnings on Feb. 24, along with a"plan to drive sustainable long-term value," which it says it wants shareholders to see before it responds to Xerox's latest offer.
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